What Is the Amount of the Foreign Exchange Gain or Loss

question 15

Multiple Choice

What is the amount of the foreign exchange gain or loss recognized on the 2016 Income Statement as a result of revaluing the loan payable?

• A) A CDN$10,000 loss.
• B) A CDN$5,000 loss.
• C) A CDN$5,000 gain.
• D)A CDN$10,000 gain.

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Definitions:

Increases

Refers to the action or process of becoming larger, greater, or higher.

Ages

The different stages of life through which an individual progresses, from birth to death.

Birth Order

The order in which siblings are born, an important concept in Alfred Adler’s psychology.

Conscientiousness

A personality quality that embodies a person's prowess in organization, steadfastness, and a considerable sense of duty.